NewzVille Desk
A high-level meeting between U.S. President Donald Trump and Chinese leader Xi Jinping concluded in Busan with decisions on tariffs and rare earth exports.
The bilateral meeting, which lasted about an hour and 40 minutes—longer than scheduled. It was their first face-to-face meeting since 2019.
Speaking to reporters onboard Air Force One after the meeting, Trump said he had reached a deal to reduce tariffs on China in exchange for Beijing resuming U.S. soybean purchases, continuing rare earth exports, and cracking down on the illicit trade of fentanyl.
Earlier, as the two leaders sat down with their delegations, Xi told Trump through a translator that it was normal for the world’s two leading economies to experience frictions from time to time.
The trade war had reignited this month after Beijing proposed significantly expanding curbs on exports of rare-earth minerals vital for high-tech industries, a sector China dominates.
Trump had vowed to retaliate with an additional 100% tariff on Chinese exports and other measures, including possible restrictions on exports to China made with U.S. software—moves that could have disrupted the global economy.
During the meeting, however, Trump said he would have a “fantastic relationship for a long time” with Xi. Xi also said that the U.S. and China “should be partners and friends.” On global conflicts, Xi added that China and the U.S. must “jointly shoulder” their responsibilities as great powers.
